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FCMB Group posts 73.2% profit, leverages renewable energy

The FCMB Group Plc has declared a 73.2 per cent growth in profit for the six months ended June 30, 2022.

A statement said the bank recorded a profit before tax of N15.4bn, an equivalent of 73.2per cent year-on-year growth compared to N8.9bn in 2021. It also recorded 84.2per cent in the Banking Group, 42.7per cent in Consumer Finance, 41.9per cent in Investment Management, and 253.8per cent in investment banking.

The statement said the FCMB’s Gross revenue was up by 34 per cent to N126.2bn from January to June this year, as against N94.2bn in H1, 2021.

It noted that these were the highlights of the group’s unaudited half-year results released on the floor of the Nigerian Exchange Limited on Tuesday, July 26, 2022, in Lagos.

Speaking on the positive half-year financial results, the Group Chief Executive FCMB Group Plc, Mr Ladi Balogun, said the bank would continue leveraging its technology ecosystem.

He said “We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics.”

The FCMB said to safeguard the environment, it further reduced its carbon footprint by moving eight branches of its retail and commercial banking subsidiary to solar power.

Thus, taking the number of the bank’s branches running on renewable energy to 150, a margin that stands at 73 per cent of its branch network- from grid/diesel generators to solar power.

The statement noted that in the period under review, the bank disbursed over 442,000 loans, totaling N21.0bn, to more than 171,000 persons via its digital channels in the first six months of 2022.

It also gave loans to over 12,000 small businesses, totaling N93.4bn disbursed through its digital channels in H1, 2022.

FCMB’s focus on financial inclusion and MSMEs has been further bolstered by a $17.3m funding partnership with MasterCard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90 per cent participation by women.

Another statement reported that it contributed to food security and import substitution in Nigeria by growing its lending to the agricultural sector from N53.6bn in H1 2021 to N87.9bn in H1 2022, a net disbursement of N34.3bn over the last year, which represents 16.5per cent of total loan growth over the period.

The statement further said that deposits rose by 22.3per cent to N1.6tn in June 2022, Year-on-Year, from N1.3tn achieved in June 2021. In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3per cent to N1.1trn from N916.7bn.

The group’s total assets also increased by 18.3per cent to N2.7trn in June 2022, as against N2.trn within the same period last year.

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